Toppan Edge becomes certified vLEI issuer

Toppan Edge has been certified by the Global Legal Entity Identifier Foundation (GLEIF) as Japan’s first Qualified verifiable Legal Entity Identifier (vLEI) Issuer (QVI).

The company, which is part of Japanese conglomerate Toppan, aims to use its new certification to issue vLEIs to companies working in manufacturing and finance, including supply chain management, international trade and financial transactions involving crypto-assets. The service, called vLEI-Gateway, is set to launch in November while Toppan Edge is aiming to reach 6,000 companies by 2030.

As a universally recognized identifier for legal entities, LEIs have been accepted throughout Europe and America to combat money laundering and manage supply chains. A similar use case is predicted for the vLEI.

Japanese firms have been lagging in adopting the solution but that is changing thanks to new legislation in the country: Parties in a transaction are now required to state their LEI when reporting to regulatory authorities.

LEI is also becoming popular as a way to verify the existence of an organization when transferring digital currencies, Toppan Edge explains in a release.

This month, Toppan Edge’s vLEI-Gateway was adopted as a pilot by the BRP Consortium Business Site Digital Certification Research and Development Working Group, convened by SBI Holdings.  The pilot will explore the use of the vLEI for companies in supply chain management in the semiconductor business.

The company is also working on other identity-related projects, including a partnership with Partisia to run a proof-of-concept (PoC) experiment for decentralized IDs verified with biometrics.

Article Topics

digital ID  |  GLEIF  |  Japan  |  KYB  |  Legal Entity Identifier (LEI)  |  Toppan Edge